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                                                                    EXHIBIT 12.2


                             PACCAR Financial Corp.

               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                       PURSUANT TO THE SUPPORT AGREEMENT
                       BETWEEN THE COMPANY AND PACCAR INC
                             (Thousands of Dollars)




                                                                                       Six Months Ended
                                                                                            June 30
                                                                                     1995            1994    
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FIXED CHARGES                                                                                             
  Interest expense                                                                  $42,064        $27,948
                                                                                                          
  Facility and equipment rental                                                         360            339
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TOTAL FIXED CHARGES                                                                 $42,424        $28,287
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EARNINGS                                                                                                  
  Income before income taxes                                                        $21,775        $19,990
                                                                                                          
  Depreciation                                                                        5,391          4,976
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                                                                                     27,166         24,966
                                                                                                          
  Fixed charges                                                                      42,424         28,287
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EARNINGS AS DEFINED                                                                 $69,590        $53,253
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RATIO OF EARNINGS TO FIXED CHARGES                                                    1.64X          1.88X
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