Don't want to be cheap, but...
Rustoleum makes a product called Rust Reformer that you can get at any auto parts store. Same concept - converts rust to something inert and allows you to paint it. It comes in a spray, but I preferred the bottle. Put some liquid in a cup and take a chip brush and "paint" away. Turned rust black and I never followed up with a topcoat. 8oz wasn't even $10, and I've done it a couple of times now.
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