People have a lot of ideas on this.
What works for me is available at Home Depot.
Rustoleum Rusty Metal Primer.
Get the loose stuff off put this on and top coat it with an automotive paint compatible primer.
The rust probably wont come back in your lifetime.
There are lots of different discussions on here about this, just search for words like Por-15, Master Series Silver, Rust encapsulation. The big issue is rust removal vs. rust encapsulation.
It's really hard to remove ALL the rust...there is almost always a little bit left in there, especially deep in the pits..even if you sand blast or soda blast or use chemicals. Encapsulating the metal and rust is the best way to go. Products like Por-15 work well. Personally I've been having good luck with Master Series Silver which is 40% aluminum and bonds really well and it works really well to fill in pits and build up thin metal, however you have to be careful to put it on in two or more coats and don't sand through it. The same is true of other products I'm sure.
I'm with Adriver, my Dad used it years ago with sucess on a '55 Dodge 3/4 ton stake bed. Kept it several more years and rust never came thru. I'm using it now.