Strangely enough, I used something similar on my Jeep a few years ago- just slightly diluted linseed oil. Masked off exhaust and anything that would not be a good idea to get oiled and spray/foam brushed it on. It dries/cures so that it remains flexible, repels water, and doesn't wash away.
Good thing I wore old clothes and a mask- it did drip. And the car smelled kind of like a lumberyard for about a month. But I've had a 90s Jeep Cherokee in upstate NY (lots o salt) for 7 years now and no noticeable rusting. This is a minor miracle.