well, if is a "personal loan" I dont think they will want to know what you want to do with the money. I think this is a bad move financially for you, and would reconsider. You want to go into debt to build a motor? Your parents are right, believe it or not.
The only positive to this, is you can build your credit history, if you pay it back on time.
And remember, u wont have to beg, the bank is making money off of you, and if you are desparate enough to accept any interest they offer you, thats your business. But the smart thing to do would be to shop around for the best rate you can get.
------------------
1993 GT/AOD
'93 Mustang GT