Yeah, I've done what pillow listed and it's good. My gym also has a lower back machine, although personally my lower back gets killed from deadlifts and the row machine.
The only way fat's coming off is through cardio. The best thing to do aside from sustained bulking and cutting cycles is this:
*Lift one day and rest the next. Eat a lot of complex carbs and protein on these days
*Pick 2-3 days in a row to do cardio. The fastest method seems to be HIIT, which you can learn more of here ...
www.hiitsource.com Eat enough protein to prevent much muscle breakdown on these days, but keep your carbs and fat lower on these days.
*Look at a calorie calculator to find out your maintanence calories, IOW the number od calories you need to maintain your current size.
Here's one you can use:
http://www.freedieting.com/tools/calorie_calculator.htm
Once you find out your maintanence calories, try to eat well below them on days you do cardio and above them on days you lift weights. Since I found that my maintanence calories are around 2500-2700, I've been eating 2000 calories on days I do HIIT and between 3500-5000 calories when I lift. It seems to work a lot faster both for fat loss and muscle gain than back when I was eating close to my maintanence calories every day.
Besides that, remember to eat right. Whole grain bagels, (plain) oats, eggs or egg whites, 1% milk, 93% lean ground beef, boneless skinless chicken, apples, oranges, broccoli, lean steak, cottage cheese, peanut butter, etc. These are the kind of foods you want to get most of your protein, carbs, and fat from.
Just went into that because you asked about fat. You'll need to eat over your maintanence calories to build up your back muscles and under them to shave off any lovehandle fat. I've gotten into a habit of lifting twice a week with a rest day after each lift, then 3 days of HIIT straight before I go back to lifting. I don't know how your body would respond to that, but it works for me.