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**                                    Registration No.333-109182 424 (b)(3)**

**                                     PricingSupplement No:398 Cusip:14912L2L4**

**                                     Dated:January 27, 2005    **

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***Caterpillar Financial Services Corporation***

***Medium-Term Notes, Series F***

***(Fixed Rate)***

***    With Maturities of 9 Months or More from Date of Issue***

***Interest payable each February 8 and August 8 and at Maturity***

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**Principal Amount:       Interest Rate:                Proceed Amount:**

**$300,000,000                3.80%                     $298,869,000                                         **

**Original Issue Date:    Commission Fee:               Maturity Date:**

**02/03/05      $750,000                     02/08/08                  **

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**Dealer:**

# **Banc of America Securities LLC ($100 mm) * Bill and Deliver $300M**

**(DTC #773)**

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**Citigroup Global Markets Inc.  ($100 mm)**

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**Barclays Capital  ($100 mm)**

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**Specified Currency:     Option to Elect Payment       Authorized Denominations**

**x****U.S. dollars          in U.S. dollars               (only applicableif**

**_ Other:___________     (only applicable if           Specified Currency is**

**                        Specified Currency is         other thanU.S.**

**                        other than U.S. dollars):     N/A    **

**                           N/A                             **

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**The Note isa:                                        Exchange RateAgent          X GlobalNote                                     (if other thanFirst   **

**        CertificatedNote                                Trust New York): N/A         (onlyapplicable if**

**       SpecifiedCurrency                               **

**       is other than U.S.dollars)                                                                            **

**Original Issue           Total Amount of OID: N/A    Terms of Amortizing     DiscountNote:                                       Notes:  N/A**

** ****  Yes      x No          Issue Price(expressed                **

**                         as a percentage of   **

**                         aggregate principal**

**                         amount):  99.873%**

**                       **

**                                            **

**                                                     **

**Redemption Date(s) (including                        Redemption Price(s): N/A any applicable regularor                             **

**special record dates): N/A**

**                                       **

**Repayment Date(s) (including                         Repayment Price(s): N/A any applicable regularor**

**special record dates): **

**N/A**

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**Interest Rate Reset Option:  _ Yes    X No**

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**Optional Reset Dates (only applicable if option to reset interest rate):  N/A**

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**Basis for Interest Rate Reset (only applicable if option to reset interest rate): N/A**

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**Stated Maturity Extension Option:  _ Yes    x No**

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**Extension Period(s) and Final Maturity Date (only applicable if option to extend stated maturity): N/A**

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**Basis for Interest Rate During Extension Period (only applicable if option to extend stated maturity): N/A**

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**Historical Exchange Rate (only applicable if Specified Currency other than U.S. dollars): N/A**

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**     The interest rates on the Notes may be changed by Caterpillar Financial Services Corporation from time to time, but any such change will not affect the interest rate on any Note offered prior to theeffective date of the change.  Prior to the date of this Pricing Supplement, $4,345.00 mm principal amount of the Notes had been sold at interest rates then in effect.**

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**    Pricing Supplement to Prospectus Supplement dated November 06, 2003**

**        and Prospectus dated October 15, 2003**