I keep a strap with loops in my vehicles, as well as a D-shackle or two. Usually this works out fine for most tasks. Last winter I actually used it to drag a K5 Blazer on 40" tires off the main road with my Envoy (the drive shaft broke and the pinion fell into the rear and locked up). Pulled it about 100ft no problem.

With that said, I still keep plenty of heavy chain up at our shop. Usually it's used with the rigs for keeping equipment tied down, but it also comes in handy for towing, lifting, ect. I've never had any problems using chain for a tow line, however the stuff I buy is much heavier duty than anything you would find at a typical hardware store.