I like to use a torque wrench on every bolt where I can find a torque spec. I have a factory service manual, so I can find a spec for almost every bolt.
I always use a torque wrench on my drain plugs.
To the OP-
If you don't know what you are doing, using a proper torque wrench is even more important. But, the one you got as a loaner won't work. In fact, I would never use one of those loaner torque wrenches. I'm sure it's been used as a breaker bar by a previous user and likely isn't accurate.
Torque wrenches are only calibrated from 20 - 100% of full scale. So, you need to find a wrench where your desired torque will be within that range.
If you plan on working on cars, torque wrenches are a great investment. While the Harbor Freight ones aren't great, they're good enough for a DIY'er. I have one that I use for lug nuts. I have other, nicer wrenches, but the HF one has performed well.
The 1/4" drive HF torque wrench goes from 20 - 200 in lbs. It's on sale right now for $20 and you can used a 20% off coupon on top of that. Also, it should be made in Taiwan, not China.
http://www.harborfreight.com/1-4-quarter-inch-drive-click-stop-torque-wrench-2696.html
Here are some other USA made choices:
http://www.tooltopia.com/kd-tools-2956.aspx
http://www.tooltopia.com/gearwrench-85051.aspx
http://www.tooltopia.com/gearwrench-85050.aspx
http://www.tooltopia.com/gearwrench-85052.aspx
http://www.sears.com/shc/s/p_10153_12605_00944690000P?prdNo=8
The Craftsman would be a good choice if you want to get a beam torque wrench. The click type can be easier to use, but you can get the beam cheap and see how much you use it. You can upgrade to a click style if you find yourself using it a lot.