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)




                                                          Three Months Ended
                                                               March 31
                                                         1995             1994
- --------------------------------------------------------------------------------
                                                                   
FIXED CHARGES
 Interest expense                                       $20,299          $12,981
 Facility and equipment rental                              188              169
- --------------------------------------------------------------------------------

TOTAL FIXED CHARGES                                     $20,487          $13,150
- --------------------------------------------------------------------------------



EARNINGS
 Income before income taxes                             $10,319          $ 9,294
 Depreciation                                             2,692            2,429
- --------------------------------------------------------------------------------
                                                         13,011           11,723


 Fixed charges                                           20,487           13,150
- --------------------------------------------------------------------------------

EARNINGS AS DEFINED                                     $33,498          $24,873
- --------------------------------------------------------------------------------





RATIO OF EARNINGS TO FIXED CHARGES                        1.64X            1.89X
- --------------------------------------------------------------------------------