How to fix hood rusting?

cutthroat

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5232F21F-C13F-4D35-9A4D-CC78A124A424.jpegI just bought this oldsmobile.It has some rust on the hood and some dents. Bought it knowing it will need some tlc! But what can i do about the hood rust? It isn’t anywhere else other than on the top by the lining. I dont see myself putting money into anything other than the exterior and the stereo system at the moment as all i do is work and go to the store and park every now and then.
 
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