Collect a ton of oak leaves, soak in water and derive the tannic acid from them; add some 2-butoxyethanol from your chemical supply company and you have rust inhibitor/converter. Most rust converters contain just those two active ingredients.
The tannic acid reacts with the iron oxide (rust) and chemically converts it to iron tannate. The organic polymer provides a protective primer layer, though you should use a solvent to degrease the areas you're treating and glass bead or sandblast any areas that aren't rusted to give them a good 'tooth' to hold the primer. It chemically makes rust into a rock-hard, black coating.
I was poor when I started, so my first tree truck was a hybrid: I took my 3/4 ton GMC pickup (which had cost me $100), cut it off about two feet behind the cab, and welded on a dually rear section from a Dodge 1 ton (that also cost me $100 from the truck graveyard) which I'd cut off as far under the cab as I could reach.
I used the Dodge because the rails fit perfectly outside the GMC frame rails - I slid the pickup frame rails into the 1 ton rails until the drive shaft lined up, clamped and welded the rails together). It was halfway between a short and long wheelbase; and was great for getting around tight spots and into back yards.
Both the truck and the new frame had pretty bad rust and the pickup floor was rusted through in several spots. I painted everything with the rust converter before fiberglassing the floor pan of the cab and painting the frame and building the dump body. Five years later I sold that truck to a landscaper, and saw it a few years later and there was still no major rust on the frame.
I don't recall which rust converter I used; bought it through NAPA when I bought the blue paint for the exterior of the cab.
Heed the warnings not to weld on any metal you've treated with rust converter unless you are wearing a good organic filter respirator; that stuff kills...