This is the second of two companion papers that summarize the theoretical and experimental work carried out concerning modeling of dynamic properties of boring bars. This paper introduces the finite element method for the modeling of clamped boring bars. The “3-D” FE models of the system boring bar – clamping house as well as the “1-D” FE models of the clamped boring bar were derived. In particular, the modeling of the boring bar clamping is addressed. Dynamic properties predicted based on the developed FE models of the clamped boring bar were compared with the ones estimated by means of experimental modal analysis conducted on the actual boring bar clamped in the lathe. The “3-D” FE models display substantially higher correlation with the experimental modal analysis results compared to the “1-D” FE models. A “3-D” FE model of the boring bar – clamping house manages to model the distance in frequency and the orientation of the two fundamental modes to a large extent. The importance of the modeling of the boring bar boundary conditions for the accuracy of dynamic models of boring bars is demonstrated. The sensitivity of the natural frequency estimates produced by means of the FE and the continuous system (presented in Part 1) boring bar models with respect to variations in material density and Young’s elastic modulus has been addressed.