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
                                                        1998           1997
                                                      --------      --------
                                                              
FIXED CHARGES
  Interest expense                                    $ 53,661      $ 49,854
  Facility and equipment rental                            453           359
                                                      --------      --------

TOTAL FIXED CHARGES                                   $ 54,114      $ 50,213
                                                      --------      --------
                                                      --------      --------


EARNINGS
  Income before taxes                                 $ 23,749      $ 25,535
  Depreciation                                           3,508         3,906
                                                      --------      --------

                                                        27,257        29,441
  Fixed charges                                         54,114        50,213
                                                      --------      --------

EARNINGS AS DEFINED                                   $ 81,371      $ 79,654
                                                      --------      --------
                                                      --------      --------

RATIO OF EARNINGS TO FIXED CHARGES                       1.50x         1.59x


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