This is an example of the subjunctive -- something that refers to possibilities rather than facts.

Since you are giving your friend advice on what to do, it may or may not be done:

I would rather look at something else (if I were you).

Don't forget to capitalize "I".

I would rather / I'd rather

This is an example of the subjunctive -- something that refers to possibilities rather than facts.

Since you are giving your friend advice on what to do, it may or may not be done:

I would rather look at something else (if I were you).

Anytime the situation is theoretical, or not certain, you should use the subjunctive ("I would rather").

Don't forget to capitalize "I".

I will rather / I'll rather

We discussed in the comments whether "I will rather" ("I'll rather") also exists. Google N-grams confirms that "I will rather" has almost disappeared, but it was more common before 1900.

Here are a couple of ways that "I will rather" may make sense:

• When I die, I will rather be cremated than buried.
• When I go to Italy next year, I will rather visit my birthplace than my uncle.
• When I go to Greece next year, I will rather go to the islands than the mainland.

In each of these cases, the speaker is certain, and it is not theoretical.

The first one -- death -- is especially certain. It may not make sense to say:

• If I eventually die, I would rather be cremated than buried.

Feel free to use "I will rather" if you have a situation where you are certain of the future.