That is correct. This sentence is quite common in he Netherlands. Usually in the next sentence the specific favour is specified. For instance: I would like to ask you a favour, could you bring me a bottle of milk when you go to the supermarket.
As others have said "I would like to" would be acceptable but "I like to not", if you base it on what you've heard people say, it might be that they said "I'd like to" because "I'd" is an abbreviation of "I would"