Recently got a steal on a Murray bike for $15. The paint is TERRIBLE on it and I'd like to redo it. I've never painted a bike before, and I've heard that a 'clear coat' is needed to keep the paint from scratching and rusting.
I did a quick search online, and couldn't pinpoint what I exactly needed.

Any help with product names/materials and how I should go about this project? I like the paint scheme, and was thinking of just restoring it, instead of going totally new.

Thanks.