The old undercoatings such as Zebart was crap, in fact the stuff used to crack over time trapping water and salt against areas you want to protect thus making things rust worse. Probably why it's not used anymore.
Oil undercoating works awesome, but not exactly eco friendly to some. Today there are several alternatives to using regular oil, probably the most popular is a product called fluid film.
I oil my own vehicles and have found that straight weight gear oil works the best. It doesn't drip terribly bad, doesn't attack plastic or rubber and once applied stands up well over the course of a year but I do re-apply it every year. It makes a huge difference.
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